After months of forecasts, the Donald Trump administration has finally deleted a comprehensive report on the digital asset market. Headline? They seek swept reform proposals, strong pro-crypto languages, and clarity of regulations. However, one major detail is notable. This is a reference to the long-standing National Bitcoin Reserve.
This absence is surprising, especially after Donald Trump’s executive order in March called for a formal strategic Bitcoin reserve and another digital asset stockpile. Many people were hoping that this report would outline how the plan would unfold. Instead, the administration focused on regulatory overhauls, stable integration, and clearing the path of new financial products.
What does the report actually cover?
According to Bloomberg, the Crypto Policy Report is a product of the digital asset market working group, created by Trump’s January executive order. It derives policy recommendations across almost every aspect of the crypto market, from transactions and custody to bank access and taxation.
Top of the list is to encourage Congress to pass clear actions in the digital asset market. The objective is to pass on the Commodity Futures Trading Commission’s authority over spot markets of non-security digital assets. This bridges the long-standing regulatory gap between the CFTC and the SEC and streamlines monitoring.
The report also requires that both agencies immediately use their existing authority. I’m not waiting anymore. The SEC and CFTC are required to clarify rules regarding registration, storage, transaction and record management to accelerate the legal entry of digital assets into the broader financial system.
Fast innovation without bureaucracy
Another major theme is reducing the friction facing crypto startups and institutions. The Working Group recommends safe ports and regulatory sandboxes to ensure financial products can reach consumers without being buried in the deficit. The tone is clear. Innovation should not be stopped by an outdated process.
The group is also touched on decentralized finances, or debt. Although details are limited, this report supports adopting these technologies via measured adjustment guardrails rather than blanket bans.
stablecoins green light, CBDC red light
The Trump administration clearly drew a line in the sand. The report supports the use of US dollar-backed stubcoin and calls for strategic tools to strengthen the US dollar’s global position. In fact, Trump recently signed the first Congressional bill to regulate stubcoins. This is seen as a major step towards mainstream adoption by the industry.
Meanwhile, the administration will stand firm against the idea of digital currency from the US Central Bank. The report supports the National Anti-CBDC Surveillance Act, which aims to permanently block CBDCs in the United States.
Bank and tax policy: amendments are coming
Banking remains a major hurdle for crypto companies. The report calls for more transparency on how institutions obtain banking charters and access master accounts. It also urges regulators to write about what bank activities are acceptable when it comes to using stubcoin and blockchain. According to the report, capital rules must reflect the unique risks of digital assets.
In terms of tax, recommendations have been wiped out. The Working Group hopes that digital assets will be treated as a new class under tax law, and is changing rules that reflect the rules used for securities and products. It also calls for new laws that apply laundry sales rules to crypto, eliminating tax losses that harvest loopholes that traditional securities cannot exploit.
The Treasury Department and the IRS are also required to issue updated guidance on crypto-related issues, including status, mining, corporate taxes and DE Minimis rules for small crypto payments.
Where is the Bitcoin Reserve?
This is the part where you raise your eyebrows. Trump announced in March that the US would establish a strategic Bitcoin Reserve. The executive order officially changed the idea rather than simply bringing it to mind. Many insiders expected this report to include timelines, acquisition methods, or at least strategic goals.
Still, the reserves are nowhere to be found in fact sheets or policy overviews. That silence is raucous and bound by causing speculation across the market. Are your plans late? Is it tied to other pending laws or budget cycles? Or is the administration holding back details for a more dramatic release?
Prediction: Bitcoin Reserve is still playing
This report is not over. This is a playbook for improving US digital asset policy, leaning heavily towards a growing and pro-promoting strategy. However, the missing Bitcoin Reserve Reference suggests that it could be spun into another process. It is probably something more categorized or closer to budget announcements or international negotiations.
One thing is clear. As Trump is completely leaning towards code, the certainty of the regulations is finally on the table. Stablecoins has acquired legal infrastructure. Tax rules are modernised. The defi is carefully welcome. Also, while Bitcoin reserves do not exist for now, the broader framework illustrates the structural changes in the US’s plans to lead the global crypto race.
The golden age of cryptography may come, but it hasn’t arrived on Bitcoin Reserve… yet.
